tax returns

The final tax return filing date for corporations ending on 12/31/07 is 9/15/08. Partnerships, including LLCs filing as partnerships, gets a little longer with a filing date of 10/15/08. The dates are changing next year, though.

Next year partnerships will be subject to the same earlier date as corporations - 9/15. This actually does make a lot of sense because currently an LLC filing as a partnership could legally extend a filing date to 10/15, but leave the member absolutely no time to get his or her tax return done.

The IRS does not expect to have its computer reprogrammed for the AMT patch until after February 11, 2008. If you file using Form 8863, Education Credits; Form 5965, Residential Energy Credits; Form 8396, Mortgage Interest Credit; Form 8859, District of Columbia First-Time Homebuyer Credit; or Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers the IRS will delay inputting your tax return.

If the IRS sent you a Form 1040 package during this first week of January, you probably have the wrong forms.

The Alternative Minimum Tax last minute law change (called the AMT Patch) has not been reflected on the forms. Read on to see which forms are wrong, and what you can do about it. By the way, it is up to YOU, the taxpayer, to make sure the right forms are used. The IRS is not going to send you corrected copies. And, if you do it wrong, I’m sure you’ll be the one paying the penalty.

AMT Patch Affects Millions of Form 1040 Packages

One of the most misunderstood business entities these days is the Limited Liability Company (LLC). I hear it all the time. “I’m taxed as an LLC.” But, the fact is there is no such thing as an LLC tax return. You get to choose how you want it taxed! But, here’s the rub. If you don’t choose, the IRS is going to choose for you. And, it may not be a choice you like.

If you have an LLC, especially a new one or one in which you started a new activity, now is the time to look at how you want your LLC to be taxed.

In the past, the IRS has required employers to send in copies of questionable W-4s (Employee’s Withholding Allowance Certificate) received from their employees. They recently issued final regulations streamlining the requirement.